Archive for March, 2009

Money managers, who have historically used dividends as a ploy to lure investors to tax-saving stock funds, are shying away from payouts this year, as a savage share market decline limits distributable surplus. Only seven tax funds have announced dividends in 2008/09, compared to 20 last year. The March quarter, which typically sees hectic activity [...] Full Article

The era of qualified company accounts is about to close. Companies will have to restate their financial statements if auditors raise objections to any figure in annual accounts, if the government accepts a proposed recommendation of the Institute of Chartered Accountants of India (ICAI). Annual reports would contain financial statements that fully satisfy the auditor’s [...] Full Article

The Commissiorate of Service Tax, Delhi, has slapped notices on official partners and sponsors of the tournament, including Hero Honda Motors and Jaiprakash Associates, asking them to show cause as to why service tax amounting to around Rs 6 crore should not be recovered from them for providing sponsorships. Two notices were issued to Hero [...] Full Article

It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services Final Examinations (Both Existing and New) Paper 8 : Indirect taxes/ Paper 8 : Indirect Tax Laws It is clarified that in respect of taxable services [...] Full Article

The Institute of Chartered Accountants of India today filed an application in a local court here seeking its permission to examine and record statements of three chartered accountants, including Satyam’s former CFO Vadlamani Srinivas. ICAI counsel G Gopalakrishna Murthy told the XIV additional chief metropolitan magistrate’s court that the professional body wanted to find if [...] Full Article

The Securities and Exchange Board of India on Wednesday proposed to extend trading hours in exchanges to align the domestic bourses with international markets and asked various stakeholders for their opinion. “With the increased integration of the global markets, information originating from different countries has a bearing on Indian securities market,” Sebi, the market regulator, [...] Full Article

Government-backed bonds have traditionally attracted conservative investors. But fixed deposits took the sheen away from them last year after banks offered between 10 and 11 per cent yields. However, with fixed deposit rates coming down, the trend seems to be reversing. India Infrastructure Finance Company, for instance, is targeting retail investors for a Rs 2,600 [...] Full Article

The solution will enable the bank to monitor any suspicious transfer of money, including terror financing State Bank of India (SBI) has announced that it has deployed a solution to prevent money laundering across its group companies and six associate banks. The solution has been deployed by 3i Infotech in compliance with the orders of [...] Full Article